Retail

H&M to Open First Detroit Location in Downtown Woodward Shopping District

by Kristin Harlow March 7, 2019

DETROIT — H&M, a Swedish fashion retailer, has unveiled plans to open its first Detroit location this fall. The trendy clothing retailer has signed a lease with Bedrock, the real estate arm of billionaire businessman Dan Gilbert, founder and chairman of Quicken Loans. H&M will occupy a 25,000-square-foot space within three Albert Kahn-designed buildings on the west side of Woodward Avenue. The historic Woodward shopping district was once home to Detroit’s most prominent department stores, including J.L. Hudson’s.

March 7, 2019

Acquisitions Illinois Midwest Retail

Quantum Brokers $5.4M Sale of Retail Building in Warrenville, Illinois

by Kristin Harlow March 7, 2019

WARRENVILLE, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a multi-tenant retail building in Warrenville for $5.4 million. At the time of sale, the 18,000-square-foot property was 93 percent leased to Starbucks, Potbelly Sandwich Works, T-Mobile, Spotted Paw and Jazza Nails. Chad Firsel and Daniel Waszak of Quantum brokered the transaction. A Chicago-based private investor purchased the asset from a Chicago-based investment group.

March 7, 2019

Indiana Market Reports Midwest Midwest Market Reports Retail

The Resilience and Importance of Retail in Indianapolis

by Kristin Harlow March 7, 2019

While Indiana is well known for the Indianapolis 500, the state’s economy is firing on all cylinders and experiencing noteworthy job growth. Indiana’s marketing campaign, “A State That Works,” has been successful in attracting investment to the state by touting its highly ranked business climate, competitive cost of doing business, pro-business tax climate, low cost of living, extensive logistical infrastructure and access to strong educational systems. In June 2018, Bloomberg ranked the Indiana cities of Elkhart (No. 1), Kokomo (No. 3) and Columbus (No. 13) for having the largest employment gains in the country since the recession. The Indianapolis metro area has created one of the nation’s top burgeoning tech scenes with a 68.1 percent increase in tech job growth from 2006 to 2016, landing No. 5 on Forbes’ list of “Cities Creating the Most Technology Jobs.” The state’s stable economy and encouraging unemployment rate have provided strength to the rapidly evolving retail industry. While national news is filled with retail bankruptcies and store closures, there has been tremendous retail activity backfilling vacancies and spurring new development from the following retail sectors: grocery, home living, health and wellness, beauty, fitness, off-price/discount, and dining and entertainment. Backfilling bankruptcies Following the bankruptcy …

March 7, 2019

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $2.6M Sale of Retail Property in New Jersey

by David Cohen March 6, 2019

AVENEL, N.J. — Marcus & Millichap has brokered the $2.6 million sale of St. George Plaza, a 16,050-square-foot retail property in Avenel. Located at 1144-1162 St Georges Ave., the property is anchored by UPS and H&R Block. Jason Petrick of Marcus & Millichap’s New Jersey office represented the seller in the transaction, the original developer of the property. The buyer was an out-of-state investor.

March 6, 2019

Acquisitions Retail Texas

Weitzman Negotiates Sale of 16,900 SF Retail Center in McKinney, Texas

by Taylor Williams March 6, 2019

MCKINNEY, TEXAS — Weitzman has negotiated the sale of McKinney Marketplace, a 16,900-square-foot retail center located approximately 30 miles north of downtown Dallas. Sprouts Farmers Market and LA Fitness shadow-anchor the Class A property, which is leased to tenants such as Hollywood Feed and Little Caesars. Derek Schuster and Kevin Butkus of Weitzman represented the Plano-based buyer in the transaction. Jason Vitorino of STRIVE represented the seller, Malouf Interests, Inc.

March 6, 2019

Acquisitions California Retail Western

Marcus & Millichap Brokers $15.7M Sale of Walgreens-Anchored Asset in Orange County

by Amy Works March 6, 2019

LA PALMA, CALIF. — Marcus & Millichap has directed the sale of La Palma Convenience Center, a retail property located at the corner of La Palma Avenue and Valley View Boulevard in La Palma. An undisclosed buyer acquired the property for $15.7 million, or $425.68 per square foot. Built in 1975 and renovated in 2007, the property features 36,882 square feet of retail space. Walgreens is the anchor tenant. David Ridgway of Marcus & Millichap represented the buyer and undisclosed seller in the deal.

March 6, 2019

Market Reports Northeast Northeast Market Reports Pennsylvania Retail Uncategorized

Millennials Catalyst for Retail Transformation of Center City Philadelphia

by David Cohen March 6, 2019

As consumer shopping habits continue to evolve and shoppers get younger, retailers are trying to strike the right balance between their online and physical presence. Those that find this omnichannel harmony are thriving in cities across the United States. Philadelphia’s Center City, in particular, is capitalizing on its booming millennial population and attracting retail concepts that cater to this group. According to Center City District’s 2018 State of Center City Philadelphia report, millennials make up 40 percent of Philadelphia’s downtown population, one of the highest percentages in all U.S. cities. With millennials moving into the peak spending years of their lives, Philadelphia is experiencing a multitude of development with most of the focus being on mixed-use. Mixed-use development, which combines retail and residential, and sometimes office, is attractive to the millennial generation who are driven by convenience and want the ease of living, working, dining, and shopping all in one place. The largest retail development projects Center City is seeing right now are happening in the Midtown Village neighborhood, which had been largely neglected until recently when it comes to large mixed-use developments. A few notable projects here are The Collins, a residential community that features 90,000 square feet of retail …

March 6, 2019

Market Reports Northeast Northeast Market Reports Pennsylvania Retail

Redefining Retail Real Estate in Philadelphia

by David Cohen March 6, 2019

When the Philadelphia Eagles were headed to the Super Bowl in 2018, they were the underdogs. The odds — and subsequently media headlines — were against them. But the team proved those predictions wrong, and went on to clinch its first championship. The retail market in Philadelphia, and nationwide, tackled similar challenges last year. As mature department stores shuttered and retailers filed for bankruptcy, the industry faced ongoing uncertainty. However, the rapidly changing dynamics represent vital opportunities for retail real estate owners to reimagine the mall experience. In Philadelphia, the high density of residents, workers, college students and visitors create a more than $1 billion retail demand annually, according to the Philadelphia Retail Report 2018 compiled by the Central Philadelphia Development Corp. In order to capture consumer interest, industry leaders need to evolve alongside the community’s changing needs and landlords and brands today have been transforming the conventional retail real estate model, carving a new path to success. Looking ahead, the future looks bright. Here’s a look at key trends driving the next level of retail real estate in Philadelphia. Innovative Concepts As habits of shoppers continue to evolve, brick-and-mortar space today can offer opportunities beyond traditional retail whereby real …

March 6, 2019

Company News Property Type Retail Southeast Top Stories Virginia

Family Dollar to Potentially Close Nearly 400 Stores

by David Cohen March 6, 2019

CHESAPEAKE, VA.— Variety store chain Family Dollar could close up to 390 stores in fiscal 2019 unless it obtains material rent concessions from landlords on underperforming stores. As part of its turnaround efforts, the retailer will also make changes at the stores it is keeping open. Dollar Tree Inc. (NASDAQ: DLTR), which purchased Family Dollar in 2015 for nearly $9 billion in cash and stock, plans to revitalize the brand with store closures and a rebranding of some locations to Dollar Tree. In addition, some locations will be renovated to include $1 Dollar Tree merchandise sections. The retailer also plans to offer adult beverages in approximately 1,000 Family Dollar stores and expand freezers and coolers in approximately 400 stores. Family Dollar sells a variety of items for under $10 at rural and urban locations. Dollar Tree sells all items in its stores for $1 in mostly suburban locations. At the close of the fourth quarter of 2018, the company operated 8,200 Family Dollar stores and 7,000 Dollar Tree stores. “We are confident we are taking the appropriate steps to reposition our Family Dollar brand,” said Dollar Tree CEO Gary Philbin in a news release Wednesday. On March 6, Dollar Tree …

March 6, 2019

Development Maryland Retail Southeast

Community-Owned Organic Grocer to Open New Store at Former Safeway in Frederick, Maryland

by Alex Tostado March 5, 2019

FREDERICK, MD. — The Common Market Co-op, a community-owned grocer with one store in Frederick, has announced plans to open a second Frederick location at the site of a former Safeway. The organic and natural foods grocery store will move into its new home on 7th Street following significant renovations. Details of the planned renovations were not disclosed. In addition to food options, the new store will offer amenities such as grocery pick-up, a cafe and a pet care center that offers organic pet supplies. Randy and Francy Williams founded The Common Market in 1974 and it has grown to have more than 6,600 owners. The company expects to hire 110 people at the new location and will move its corporate headquarters to the site.

March 5, 2019

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